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Firms still lining up to join Lloyd’s, boss says

Firms still lining up to join Lloyd’s, boss says

Firms still lining up to join Lloyd’s, boss says After revealing post-Brexit plans last week, Lloyd’s of London chairman John Nelson is now saying that the specialist insurance market is still attracting potential members despite the lingering market uncertainty.
 
At the reinsurance industry’s annual meeting in Monte Carlo, Nelson told Reuters that there is a queue of companies wanting to join Lloyd’s.
 
“The pipeline of people wanting to join the Lloyd's platform is still very healthy,” the report quoted Nelson as saying. “There are quite a few who’d like to come on, it’s a very attractive platform.”
 
Without naming the potential Lloyd’s newcomers, Nelson told Reuters that the interested companies covered a broad geographical range.
 
The companies also comprised businesses that are exploring plans to set up new operations or to acquire one of the existing 90 or so syndicates at Lloyd’s.
 
Reuters noted that recent Lloyd’s entrants have come from Brazil, China, Mexico, US and France. One of the possible new market players would be Canada Pension Plan Investment Board, which is reportedly in talks to buy AIG’s Lloyd’s business, Ascot Underwriting.
 
Just last week, Nelson said Lloyd’s may move its operations elsewhere in Europe if the UK fails to retain its EU passporting rights following the Brexit move.
 
Nelson told Reuters that there is a “good chance” that Britain will lose its passporting rights. However, he is also confident that some agreement can still be made since European firms wish to continue selling products in the UK.
 
“A lot of EU businesses are on exactly the same page as we are,” the news agency quoted him as saying.
 
 
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